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Securities/Commodities | California Central
Hearing Attorney Fees Discharge Ruling
(IN CHAMBERS) RECEIVER'S FOURTH FEE APPLICATION (DKT. 318 ); RECEIVER'S MOTION FOR APPROVAL TO PAY INTERIM FEES AND COSTS TO RECEIVER'S COUNSEL, LOEB AND LOEB, LLP (DKT. 319 ); MOTION TO DISCHARGE RECEIVER, APPROVE RECEIVER'S FINAL ACCOUNT AND REPORT, APPROVE RECEIVER DISTRIBUTION OF FUNDS, AND DISCHARGE RECEIVER (DKT. 320 ) by Judge John A. Kronstadt: Therefore, the Motion to Discharge is GRANTED, as stated in greater detail below. For the reasons stated in this Order, the Fourth Receiver Fee Application is GRANTED, and the Fourth Loeb Fee Motion is GRANTED. The Motion to Discharge is GRANTED as follows: Seaman's Final Account and Report (Dkt. 320) are APPROVED; The actions taken by Seaman on behalf of the receivership estate since his appointment, are RATIFIED AND CONFIRMED; Seaman's fee applications and Loeb's fee motions are APPROVED; Seaman is AUTHORIZED to distribute the remaining surplus in the receivership estate, which -- on the date of the Motion to Discharge, was $1,488,296.78 -- to the FTC for the purposes of consumer redress; If Seaman collects any funds after the date and time of this Order, Seaman is AUTHORIZED to turn over any such funds to the FTC without prior approval from the Court; and Upon his completion of the remaining distributions from the receivership estate, Seaman will be DISCHARGED from his service as the receiver. (SEE CIVIL MINUTES FOR FURTHER SPECIFICS). (jp)
Hearing Attorney Fees
(IN CHAMBERS) RECEIVER'S THIRD FEE APPLICATION (DKT. 314 ); RECEIVER'S MOTION FOR APPROVAL TO PAY INTERIM FEES AND COSTS TO RECEIVER'S COUNSEL, LOEB and LOEB, LLP (DKT. 315 ) by Judge John A. Kronstadt: Based on a review of the materials submitted by Receiver and Loeb, and for the reasons stated in this Order, an award of reasonable attorney's fees and expenses is appropriate, consistent with the terms of the TRO and preliminary injunction order. Thus, the Third Loeb Fee Motion is GRANTED, and payment of $87,755.50 to Loeb for its fees, $1301.22 to Loeb for its expenses, is approved. For the reasons stated in this Order, the Third Receiver Fee Application is GRANTED and the Third Loeb Fee Motion is GRANTED. (SEE CIVIL MINUTES FOR FURTHER SPECIFICS). (jp)
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